Immigration Through Investment – Part 3: Transferring Funds to the U.S.

There are two things that need to be considered when we talk about transferring money from Vietnam to the US for immigrant investors: One is the requirements of US CIS, and the other is the money transfer procedure set up by the Vietnamese government.

US CIS wants evidence that the investment funds were obtained through lawful means. The evidence that the capital was legally acquired may be demonstrated by:

· Foreign business registration records
· Personal and business tax returns, or other tax returns of any kind filed anywhere in the world within the previous five years
· Documents identifying any other source of money, such as the sale of property
· Certified copies of all pending civil or criminal actions and proceedings, or any private civil actions involving money judgments against the investor within the past 15 years
· CIS also says that the investment money cannot be borrowed money, so there has to be a paper trail showing the money was legally earned by the investor.

The Vietnamese regulations about money transfer appear to be applied on a case by case basis. An officer at a leading bank in Saigon said "Yes, the investor can open an account to transfer money/capital to the U.S." But she also said, "There is still no definite policy for the amount of money on each transfer. It will be determined by the documents which the investor submits to the bank”.

This bank officer said that the investor must have the following documents:

- Permit for investment abroad by the Ministry of Planning and Investment of Viet Nam.
- Permit to open an account to transfer money abroad from the governor of Viet Nam

 Bank.
- Certification for the investment from the foreign country.
- Certification for an account at an overseas bank.

Of course there are less complicated, more indirect ways of transferring money from Vietnam, but the immigrant investor must show that the money was legally obtained and is coming directly from his own earnings. Transferring money through an escrow account to a third country might not be acceptable.
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Q.1. Is it possible to transfer money to the US without showing a complete paper trail of how it was earned? In other words, is any money transferred to the States through a banking institution able to be used by an immigrant investor?
A. 1. Even if the money is transferred through a bank, Green Card investors are required to provide evidence of the legal source of all investment capital. The money without the evidence is of no use for the Green Card investor.
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Q.2. Can a Green Card investor open a bank account in the US, even without a Social Security number?
A. 2. Yes, if s/he has a "Tax Identification Number" (TIN), obtained by submitting a Form W7 to IRS.
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Q.3. Does a Green Card investor have to pay taxes on money earned in the US?
A. 3. If income is earned, taxes must be paid.

 
ROBERT MULLINS INTERNATIONAL www.rmiodp.com
Immigration Support Services-Tham Van Di Tru

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